Caviar de Neuvic, one of France's top three leading caviar houses, is securing the resources for its development to position itself among Europe’s benchmark players. With a turnover of €8M and 56 employees, the company, led by Laurent Deverlanges, is welcoming a new partner, Crédit Mutuel Equity, alongside historical shareholder Olma Luxury Holdings (an investor for 8 years) and a pool of private investors, in a transaction gathering €11.6M in funding.
This new milestone will enable the company to transform its industrial model and significantly increase production through the acquisition of two fish farms in Salses-le-Château (66) and a 150-tonne stock of sturgeon.
Founded in 2011 by Laurent Deverlanges and an initial circle of partners, the Périgord-based company started operations by taking over a small fish farm in Neuvic that specialised in pond fish breeding. Fourteen years later, it has become a leading player in France, with an annual production of around 6 tonnes of caviar. It oversees the entire value chain, from sturgeon farming to sales and distribution both in France and for export. Caviar de Neuvic owns several basins fed by the Isle River, located in the heart of the Périgord Blanc region across a 20-hectare site.
In a narrow caviar market facing fierce competition from China, the company offers innovative technical expertise driven by an in-house team of agricultural engineers. It has also chosen to form alliances with various European producers (in Bulgaria, Spain, and Italy) to resist competition and offer a diverse range of caviars to educate the palate to different varieties. The company has developed versatile commercial tools with a multi-channel positioning : retail distribution, professional showrooms, dedicated counters in Neuvic, Paris, and Bordeaux, e-commerce, and logistics hubs.
The company also stands out for its operating conditions. Mindful of current social and environmental challenges, Laurent Deverlanges pays close attention to the impact of his business. Recognised as a « Mission-driven company » (Entreprise à Mission) since 2021, Caviar de Neuvic became the world's first freshwater aquaculture business and caviar producer to receive B-Corp certification. Its environmental conditions ensure virtuous and optimal production, both from the point of view of water management and circulation - specifically via the Isle River, whose water quality is recognised and highly valued for farming - as well as organic feed, curing, and an IFS-certified laboratory. Furthermore, another characteristic of Caviar de Neuvic is its commitment to a continuous process of full fish utilisation ; 95% of the fish is processed and economically valued by the company for industries in high demand of collagen and pigments, such as cosmetics. The remaining residues are transformed into natural compost on-site.
An asymmetrical and growing market
Since a moratorium banned wild sturgeon fishing in 2010, caviar has been sourced exclusively from fish farms. It is a regional specialty of the South-West of France : 6 out of 7 fish farms are located in this region. The global supply of caviar is significantly lower than international demand. In this market, China remains the leading producer with 322 tonnes produced annually, ahead of Italy and France, which pride themselves on high quality standards. France ranks 4th globally with a production of 47 tonnes against a domestic consumption of 70 tonnes per year, meaning it relies on imports. Conversely, Chinese production is almost exclusively destined for export. Chinese competition (accounting for 90% of caviar imported into Europe) is backed by heavy government subsidies aimed at slashing prices to secure uncontested dominance. Market openness is also asymmetrical, with French caviar banned from sale in China, while the global market—estimated at $412M—is rapidly expanding. According to FRPT Research, it is projected to reach $975M by 2033.
"We are delighted to welcome an institutional partner like Crédit Mutuel Equity into our development project, as it will allow us to change scale and support our external growth strategy. Equity investment requires taking time and looking far ahead, much like our profession. We need patient shareholders who believe in investing in France and in agriculture," explains Laurent Deverlanges.
"Respectful of fish, people, and the environment, Laurent Deverlanges is a committed farmer deeply rooted in his terroir, offering genuine expertise. His project to further integrate the production of high-quality caviar from a strong regional industry into a growing global market convinced us. This is why Crédit Mutuel Equity intends to actively support this outstanding SME to turn it into a European champion in the integrated production of premium caviar (Baeri, Oscietra, Beluga) and derived products (sturgeon meat, butters, rillettes, taramas, etc.)," adds David Dickel of Crédit Mutuel Equity.